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What’s in store for the San Diego housing market during the remainder of 2016?

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Have you heard predictions about what the San Diego housing market will look like for the rest of 2016? Yes, some so called economic “experts” are saying that the tight inventory, home price appreciation, and slow wage growth will hamper affordability. Other “experts” are forecasting improvements in inventory and wage growth that will lead to a more robust housing market. This is an excellent time to have this discussion as we are about to get into the traditionally strong spring selling season. Thus, we are at a very important time in the year for the housing market. Here’s Tom’s “take.” In terms of what we are seeing and to “set the stage,” let’s start by noting that we are seeing very strong employment levels for the U.S. Basically, we are at full employment. At approximately 5%, U.S consumers are in really good shape – we have wage growth picking up, … Continue reading

Posted By: Tom Mattix 2:00 PM Tuesday, April 12, 2016

San Diego Real Estate Sales Statistics

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San Diego real estate sales statistics for the month of February were released a bit later than normal this period. However, I thought it best to provide the data and it is expected that in lieu of the fact that inventory is presently abysmally low, the stats for March will not be much different than what you are about to see below. Sales Statistics for Single Family Detached Homes Year-Over-Year Median prices increased by 6.2% to $515,000 from $485,000 Home sales fell by 4.3% to 1,452 from 1,517 Total inventory fell 1.8% to 7,885 from 8,032 The average days on market fell by 16.5% to 48 from 57 Month-Over-Month (February 2015 to February 2016) Median home prices slipped by 0.4% to $515,000 from $517,000 Home sales up by 5.9% to 1,452 from 1,371 Total inventory increased 12.2% to 7,885 from 7,025 The average days on market dropped by 1.7% to … Continue reading

Posted By: Tom Mattix 10:02 AM Tuesday, April 5, 2016

San Diego Real Estate Update: Another Property SOLD!

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San Diego Real Estate Update: Charming Lemon Grove Detached SOLD… Look at that Backyard: 7479 Tweed St! A recent referral from one of my past clients just resulted in a sale of one of the most unique homes I have ever had the pleasure of listing. First though, I should tee this up properly. One of my primary goals when taking a listing is to seek out the seller’s optimum goals. Whether it’s maximum price, shortest time on the market, “as is,” etc.  Sometimes the goals are straight-forward and quite simple; other times it can be complex. In this specific instance the sellers were planning to retire and relocate out of state. They wanted to sell quickly so that they would have the cash from the sale, secure their home on the east coast prior to moving, and not have to move out of their home here all before moving. … Continue reading

Posted By: Tom Mattix 5:01 PM Thursday, March 10, 2016

San Diego Real Estate Update: Another Property SOLD!

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San Diego real estate update: A 3 bedroom, 2300 square foot Carlsbad beauty at the end of a cul-de-sac with a peek ocean view: 2221 David Place! Last October I received an inquiry from a gent who turned out to be one of my favorite clients, Todd. He came to me via Zillow. Initially, Todd wanted to focus on searching in Pacific Beach but later decided that a detached home further north would better suit his and his spouse’s wants and needs. It did not take us long to find a home which was perfect in every way. The end of the cul-de-sac location was the bonus in addition to one of the best kept homes I have seen in a very long time. Upgrades galore, plantation shutters, Bosch appliances, Kohler plumbing fixtures, Caesarstone countertops, 9 foot ceilings, butler’s pantry, a lavish master bath, a peek view of the ocean … Continue reading

Posted By: Tom Mattix 5:28 PM Monday, March 7, 2016

San Diego Real Estate Experiencing Low For-Sale Inventory

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San Diego Real Estate Experiencing Low For-Sale Inventory The latest Zillow Home Price Expectations Survey was released yesterday and I thought that I would share the results as they pertain to San Diego Real Estate. The survey of 104 economists, real estate experts and investment and market strategists asked panelists to predict the path of home values across the nation through 2020. The panelists predicted that home mean values will  grow, on a national basis  by 17.7% over the ensuing 4 years. It must be stressed that these estimates are for the U.S. at large and every region and community will appreciate at different rates over different time periods. Historically, the San Diego region has been a “bellweather” for the rest of the nation. Here is a good example to demonstrate: From Jan 2015 through Jan 2016, mean prices of single family detached sold homes across San Diego County increased from $483,700 to $517,000 or + 6.9%. During this same period, condos increased … Continue reading

Posted By: Tom Mattix 11:19 AM Friday, February 19, 2016

New San Diego Area Real Estate Listing – 7479 Tweed St, Lemon Grove!

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New San Diego Area Real Estate Listing Tom’s new San Diego area real estate listing is located in family friendly Lemon Grove at 7479 Tweed St. This charming home is located on one of the best tree-lined and quiet streets in Lemon Grove, a community very highly regarded for it’s unsurpassed “Leave it to Beaver” neighborhood atmosphere, close to parks and convenient to shopping, restaurants, all freeways, schools, etc. This 3 BRM classic is pristine & immaculate in every way with a super floor plan, abundance of gorgeous hardwood floors under carpet, a “beyond compare” private backyard, deck, covered patio, an abundance of storage and natural light, and much more. By the way, the backyard is just screaming for further explanation, but first, have a look at the virtual tour (link below)! To fully appreciate this listing, you just have to see what this owner has accomplished. It is exquisite and … Continue reading

Posted By: Tom Mattix 3:42 PM Monday, January 25, 2016

Interest Rates on the Rise

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Interest rates on the rise! It’s official – the Fed finally raised rates!!! The Federal Reserve made the long-awaited, much-anticipated announcement yesterday afternoon that the federal funds target rate will increase by 25 basis points from its near-zero level where it has been since 2006. The announcement came as the Fed wrapped its 8th and final Federal Open Market Committee (FOMC) meeting of 2015. For many in real estate, raising the cost of borrowing seems ill-timed and for homebuyers, this action will raise mortgage rates and also buyer activity. However, the most important questions now are: how many such increases are we likely to see in the short term and where will mortgage rates end up a year from now? The majority opinion is that we will see a gradual pace of increases with the expectation of three more hikes in the Fed funds target during the next 12 months which would likely send … Continue reading

Posted By: Tom Mattix 9:34 AM Thursday, December 17, 2015

The Latest Home Price Expectation Survey and What It Means for Pacific Beach & San Diego Real Estate

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The latest Zillow Home Price Expectations Survey was just recently released and I thought that I would share the results as they pertain to San Diego Real Estate. The survey of 100+ economists, real estate experts and investment and market strategists asked panelists to predict the path of home values across the nation through 2020. The 106 panelists predicted home mean values to grow, on a national basis:     9% for all of 2015 An additional increase of: 2016: 3.5% 2017: 3.4% 2018: 3.5% 2019: 3.6% 2020: 3.5%   The above estimates equate to a cumulative mean price appreciation expectation across the nation of 21.6% through the end of CY-2020.  Again, it must be stressed that these estimates are for the U.S. at large and every region and community will appreciate at different rates over different time periods. Historically, the San Diego region has been a “bellweather” for the rest of … Continue reading

Posted By: Tom Mattix 4:28 PM Tuesday, December 15, 2015

Hottest (and not so hot) 2016 Markets for Millennials

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Hottest (and not so hot) 2016 Markets for Millennials Would you like to guess which are the top real estate markets for millennials (ages 25 to 34)? If so, then read on. This group, numbering 43.5 million people, make up 13.6% of the U.S. population and fully 30% of the current population of existing-home buyers. Because this is such a large segment of our homebuying population, Realtor.com just completed a study to determine where the hottest markets will be for this coming year. Below are both the top 10 markets likely to see a significant surge of millennial buyers and also the 5 locales where millenials are likely to leave this coming year. The ranking takes into consideration 2016 sales and price projections, the representation of millennial users among viewers of “for sale” listing pages on realtor.com, and the share of head of households aged 25 to 34, relative … Continue reading

Posted By: Tom Mattix 4:42 PM Thursday, December 10, 2015

San Diego Real Estate Update: A 3 Bedroom Gem 2 Blocks from the Water in Ocean Beach!

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San Diego real estate update: nine years ago, I received a call from Andy & Maria who lived in the Bay Area and whose daughter was about to enter USD. They wanted to investigate the purchase of a condo where the daughter could reside while attending the University. Like most young adults, the location just had to be Pacific/Mission Beach. The investment turned out to be a good one and they continue to be beach owners. Recently, Andy and Maria called to let me know that they were interested in a purchase of a detached home near the ocean where they could vacation themselves and also be a potential landing spot for retirement. Following their call, I set them up on an MLS “auto-search” and within a few short days Andy notified me that he had noticed a home in Ocean Beach which looked like it might “fit the … Continue reading

Posted By: Tom Mattix 2:49 PM Monday, December 7, 2015